Friday, October 05, 2012
Labor Department Says Unemployment Rate Fell In September
The Department of Labor released new job numbers showing a drop in the unemployment rate to 7.8% for September, which is magically the same rate it was when Barack Obama took office in January, 2009. The economy added 114,000 new jobs in September according to the report. The labor participation rate inched up 0.1% with more than 800,000 entering the work force but is still well below 70% and at the lowest levels in decades. The numbers don't mesh according to early analysts' take on them. The Labor Department has been consistently revising its numbers after their initial release during the Obama administration when nobody is paying much attention, and the numbers are always worse than what was initially reported. You can bet that these numbers were doctored to help rescue the President's re-election campaign. If you factor in the number of Americans who have dropped out of the workforce because they were unable to find a job, the actual unemployment is far above 10%.